Latest news with #SPE
The Citizen
06-06-2025
- Business
- The Citizen
‘It cannot carry on as things have been' – Gayton McKenzie as he cuts funding for Downtown Music Hub
Statement details how Downtown Music Hub received just over R93M since the 2008/2009 financial year to now. After years of alleged mismanagement, during which staff went months without receiving their salaries, Minister of Sport, Arts and Culture Gayton McKenzie has cut funding for the Downtown Music Hub to facilitate a full investigation. 'It is simply unsustainable for the department to keep carrying this project due to budget constraints. We will focus on what the future of this important, nostalgic music heritage site will be, but it is clear that it cannot carry on as things have been,' McKenzie said. Downtown is a recording facility in Johannesburg boasting over 40 years of recording history. The minister said he was cutting funding to allow for a full investigation to be finalised on funds that have been disbursed since 2008 and to decide what needs to be done with the asset. ALSO READ: Event organiser demands over R80k refund after Pearl Thusi no-show The Downtown Music Hub project The Downtown Music Hub project was initiated in 2008 by then-minister of arts and culture, Pallo Jordan, to lower barriers to recording facilities, among other objectives, following the purchase of Downtown Studios in Johannesburg. 'Based on an agreement between the Department of Sport, Arts and Culture (DSAC) and the National Arts Council (NAC), the building and its assets were to be donated to a Special Purpose Entity (SPE) following its establishment,' reads the DSAC statement. The SPE was subsequently established in 2010 as a non-profit company known as Downtown Music Hub. The Downtown Studios business was purchased as a going concern, which required that the employees be transferred from the seller to the buyer by Section 197 of the Labour Relations Act. The employees were not transferred to the NAC, but were later absorbed by the SPE. The NAC-led process of transferring and/or donating the assets to the SPE was never implemented due to a lack of common ground between the DSAC, the NAC, and the National Treasury. 'It was said that there would be no substantive and justifiable reasons for the department to donate the assets to an institution that was not associated with government in terms of any applicable legislation. 'This divergence created delays in the finalisation of the transfer. A counter proposal emerged that the assets be transferred to the department of public works instead, which also did not occur,' the statement said. The NAC was ultimately compelled to incorporate the assets into its books, which created accounting problems for the state-owned entity, particularly regarding the method of property acquisition. This resulted in adverse audit findings, which were finally resolved when the then minister of arts and culture, with the minister of finance, condoned the acquisition of the building. In terms of Section 6(3) of the NAC Act, however, the NAC is prohibited from acquiring and operating an income-generating business, in this case, the recording studios. The NAC was therefore forced to allow the SPE to run the business independently. ALSO READ: Holding cell drama in Mozambique: Scotts Maphuma in 'hot water' over no-show Operating at a loss According to the DSAC, the studio business has been operating at a loss, placing a liability on the department to cover its running and building maintenance costs. 'The SPE's management made it clear that it was unable to approach private investors due to the matters connected to the ownership of the building and the studios. Health and safety hazards in the building have also had an adverse impact on opportunities for making additional income.' The DSAC's statement details how Downtown has received just over R93 million since the 2008/2009 financial year to now. In 2021, the department's director general appointed an internal task team to investigate and guide on the future of Downtown. 'Following its work, it was recommended that the project be repositioned and be incorporated into one of the declared cultural institutions of the department, but no final decision was taken.' NOW READ: 'I'm not gonna lie, this is rocking me': Prince Kaybee opens up about health battle
Campaign ME
03-06-2025
- Entertainment
- Campaign ME
beIN, Sony Pictures Entertainment extend content deal across MENA
beIN Media Group has extended its longstanding content agreement with Sony Pictures Entertainment (SPE), securing exclusive multi-year rights to a broad portfolio of acclaimed television series and films which will come to beIN's audiences across the Middle East and North Africa (MENA), and Turkey. As part of the renewed deal, beIN will continue to hold first and second window rights to several film titles from SPE's diverse library. In the Middle East, content will be available in both Arabic and English across beIN's entertainment channels, beIN ON DEMAND, and on its OTT platforms, TOD and beIN CONNECT. In Turkey, content will be available in English and Turkish via Digiturk's entertainment channels, as well as TOD and beIN CONNECT. 'We are proud to extend our valued relationship with Sony Pictures Entertainment — a creative powerhouse that continues to captivate global audiences,' said Esra Özaral Altop, Chief Entertainment Content Officer, beIN Media Group. 'This renewed agreement not only reflects our dedication to curating premium entertainment for viewers across MENA and Türkiye, but also marks a new chapter in strengthening our entertainment portfolio.' SPE's upcoming slate includes highly anticipated titles such as I Know What You Did Last Summer, 28 Years Later, Until Dawn, and Karate Kid: Legends. The agreement could also allow audiences to watch recent hits like Venom: The Last Dance, Kraven the Hunter, Saturday Night, the Oscar-winning I'm Still Here, and Paddington in Peru coming to beIN's audiences. For television series, the agreement covers fan-favourites including Outlander (Seasons 1-8), The Good Doctor (Seasons 1-7), Twisted Metal (Season 1-2), and anime hits from Crunchyroll: Jujutsu Kaisen and My Hero Academia (Seasons 1-2). 'Our passion at Sony Pictures is to bring great stories to great audiences, and our friends and partners at beIN remain the perfect home to bring this plethora of amazing content to audiences across MENA and Turkey,' said Mark Young, EVP, Distribution & Networks, EMEA, Sony Pictures Television. 'We are thrilled that their wide audiences will continue to enjoy the wealth of content from SPE's future slate as well as our vast library of beloved classics, and we join them in being incredibly pleased to make this announcement today' First signed in 2021, the renewed agreement aims to build on the longstanding collaboration between beIN and SPE, while underscoring beIN's position as a global entertainment network.
Broadcast Pro
02-06-2025
- Entertainment
- Broadcast Pro
BeIN extends content deal with Sony Pictures Entertainment across MENA and Türkiye
As part of the renewed deal, beIN will continue to hold first and second window rights to several film titles from SPE's diverse library. BeIN Media Group has renewed its longstanding partnership with Sony Pictures Entertainment (SPE), securing exclusive multi-year rights to a wide selection of critically acclaimed films and television series for viewers across the Middle East and North Africa (MENA) and Türkiye. The extended agreement ensures beIN audiences will continue to enjoy top-tier content from SPE's extensive library following its theatrical release window. The renewed deal grants beIN first and second window rights to a range of SPE's hit titles, including blockbusters, award-winning classics, and popular TV series. Viewers in MENA will be able to access this content in both Arabic and English via beIN's entertainment channels, beIN On Demand, and its over-the-top (OTT) platforms TOD and beIN Connect. In Türkiye, the content will be offered in both English and Turkish through Digiturk's entertainment channels and the same streaming platforms. SPE's upcoming release slate features several hotly anticipated titles such as I Know What You Did Last Summer, 28 Years Later, Until Dawn, and Karate Kid: Legends. The agreement could also bring recent box office hits like Venom: The Last Dance, Kraven the Hunter, Saturday Night, the Oscar-winning I'm Still Here (Best International Feature Film, 2025), and Paddington in Peru to beIN's content lineup. The deal further encompasses a strong catalogue of popular television series, including all eight seasons of Outlander, seven seasons of The Good Doctor, both seasons of Twisted Metal, and beloved anime titles from Crunchyroll, such as Jujutsu Kaisen and My Hero Academia (Seasons 1–2). Commenting on the extended deal, Esra Özaral Altop, Chief Entertainment Content Officer, beIN Media Group, said: 'We are proud to extend our valued relationship with Sony Pictures Entertainment — a creative powerhouse that continues to captivate global audiences. This renewed agreement not only reflects our dedication to curating premium entertainment for viewers across MENA and Türkiye, but also marks a new chapter in strengthening our entertainment portfolio. From iconic blockbusters to genre-defining series, we remain committed to delivering bold, diverse, and unforgettable stories that resonate with every audience.' Mark Young, EVP, Distribution & Networks, EMEA, Sony Pictures Television, added: 'Our passion at Sony Pictures is to bring great stories to great audiences, and our friends and partners at beIN remain the perfect home to bring this plethora of amazing content to audiences across MENA and Türkiye. We are thrilled that their wide audiences will continue to enjoy the wealth of content from SPE's future slate as well as our vast library of beloved classics, and we join them in being incredibly pleased to make this announcement today.' First signed in 2021, the renewed agreement builds on the longstanding collaboration between beIN and Sony Pictures Entertainment.
Zawya
02-06-2025
- Business
- Zawya
BeIN Media Group extends long-term content deal with Sony Pictures Entertainment across MENA and Türkiye
DOHA, QATAR – beIN MEDIA GROUP ('beIN'), the leading global media group, has extended its longstanding content agreement with Sony Pictures Entertainment ('SPE'), securing exclusive multi-year rights to a broad portfolio of acclaimed television series and hit films which will come to beIN's audiences across the Middle East and North Africa (MENA), and Türkiye, following their theatrical window. As part of the renewed deal, beIN will continue to hold first and second window rights to several film titles from SPE's robust and diverse library including fan favourites, award-winning classics, and some of the most popular television series in recent years, in MENA and Türkiye respectively. In MENA, content will be available in both Arabic and English across beIN's entertainment channels, beIN ON DEMAND, and on its leading OTT platforms- TOD and beIN CONNECT. In Türkiye, content will be available in English and Turkish via Digiturk's entertainment channels, as well as TOD and beIN CONNECT. SPE's upcoming slate includes highly anticipated titles such as I Know What You Did Last Summer, 28 Years Later, Until Dawn, and Karate Kid: Legends, and the agreement could see recent hits like Venom: The Last Dance, Kraven the Hunter, Saturday Night, the Oscar-winning I'm Still Here (2025, Best International Feature Film), and Paddington in Peru coming to beIN's audiences. The agreement also covers fan-favourite series including Outlander (Seasons 1-8), The Good Doctor (Seasons 1-7), Twisted Metal (Season 1-2), and anime hits from Crunchyroll, Jujutsu Kaisen and My Hero Academia (Seasons 1-2). Esra Özaral Altop, Chief Entertainment Content Officer, beIN MEDIA GROUP said: 'We are proud to extend our valued relationship with Sony Pictures Entertainment — a creative powerhouse that continues to captivate global audiences. This renewed agreement not only reflects our dedication to curating premium entertainment for viewers across MENA and Türkiye, but also marks a new chapter in strengthening our entertainment portfolio. From iconic blockbusters to genre-defining series, we remain committed to delivering bold, diverse, and unforgettable stories that resonate with every audience.' Mark Young, EVP, Distribution & Networks, EMEA, Sony Pictures Television, said: 'Our passion at Sony Pictures is to bring great stories to great audiences, and our friends and partners at beIN remain the perfect home to bring this plethora of amazing content to audiences across MENA and Türkiye. We are thrilled that their wide audiences will continue to enjoy the wealth of content from SPE's future slate as well as our vast library of beloved classics, and we join them in being incredibly pleased to make this announcement today' First signed in 2021, the renewed agreement builds on the longstanding collaboration between beIN and Sony Pictures Entertainment, and underscores beIN's position as a leading global entertainment network. About beIN MEDIA GROUP beIN MEDIA GROUP is a leading independent global media group and one of the foremost sports & entertainment networks in the world. The group distributes and produces an unrivalled array of entertainment, live sport and major international events across 5 continents, 40 countries and in 9 different languages spanning Europe, North America, Asia, Australasia and the Middle East & North Africa (MENA). beIN MEDIA GROUP's flagship sports network, beIN SPORTS, holds the single largest portfolio of sports rights of any global broadcaster; and through its iconic MIRAMAX film studio, beIN holds an extensive library of Hollywood blockbusters while having a growing presence in series and movies production and distribution, as well as in the digital space. beIN MEDIA GROUP acquired Digiturk, the leading pay-tv operator in Türkiye, in August 2016, and in 2022 launched its premium OTT service, TOD, across MENA and Türkiye. For more information on beIN MEDIA GROUP, please contact: mediaoffice@ About Sony Pictures Entertainment Sony Pictures Entertainment (SPE) is a subsidiary of Tokyo-based Sony Group Corporation. SPE's global operations encompass motion picture production, acquisition, and distribution; television production, acquisition, and distribution; television networks; digital content creation and distribution; operation of studio facilities; and development of new entertainment products, services and technologies. Sony Pictures Television operates dozens of wholly-owned or joint-venture production companies around the world. SPE's Motion Picture Group production organizations include Columbia Pictures, Screen Gems, TriStar Pictures, 3000 Pictures, Sony Pictures Animation, Stage 6 Films, AFFIRM Films, Sony Pictures International Productions, and Sony Pictures Classics. For additional information, visit
Business Wire
28-05-2025
- Business
- Business Wire
Newbury Street II Acquisition Corp Announces New Board Appointments, Further Strengthening Media, Consumer and Finance Experience
BOSTON--(BUSINESS WIRE)--Newbury Street II Acquisition Corp (Nasdaq: NTWO, the 'Company') today announced the appointments of Tony Vinciquerra and William Wyatt to its Board of Directors, effective immediately. Mr. Vinciquerra has served as Chief Executive or Senior Advisor for several of the world's largest and most influential media companies. From 2017 to 2025, he was the Chairman and Chief Executive Officer of Sony Pictures Entertainment ('SPE'), overseeing the studio's global operations, including motion picture, television and digital content production and distribution, worldwide media networks, and the development of new entertainment products. Following his stepping down from the CEO role in early 2025, he has continued to serve as SPE's Non-Executive Chairman. Before joining SPE, he was a senior advisor to TPG Inc., a private equity firm, in the Technology, Media and Telecom sectors, where he advised on acquisitions and operations, from 2011 to 2017. Prior to TPG, Mr. Vinciquerra was chairman of Fox Networks Group, the largest operating unit of News Corporation, from 2008 to 2011, and president and CEO from 2002 to 2011. Mr. Wyatt is the Managing Partner of The Donerail Group, a financial services firm that he founded in 2018. Donerail's strategic advisory business serves as financial advisor to global companies and financial sponsors, and its investment management business invests institutional capital across a variety of strategies and vehicles. In March 2021, Mr. Wyatt co-sponsored a special purpose acquisition company, Isos Acquisition Corporation, that later merged with Bowlero (now known as Lucky Strike) in a $2.6 billion transaction. Prior to founding Donerail, he was the Head of Event Driven Investments at Starboard Value, an investment firm. 'Tony and Will both bring a significant amount of experience that will augment our ability to identify attractive business combinations across multiple sectors,' said Tom Bushey, Chairman and CEO of Newbury Street II Acquisition Corp. 'Tony's track record leading large, diversified media businesses, in addition to having served as an active director for several of the largest and most influential consumer-facing companies, will provide our board with distinct advantages, and his willingness to partner with entrepreneurs to help accelerate growth and enhance profitability following any combination creates a unique benefit that Newbury Street can now provide. Will's capital markets expertise and deal-making ability will add greatly to the team's already deep experience. We are thrilled to welcome both onboard.' Matthew Hong, the current Independent Chairman of the Board, has notified the Company that he has accepted a full-time executive position as President of Sports at VERSANT, the prospective publicly traded Comcast spinoff of NBCUniversal cable networks. 'We thank Matt for his many invaluable contributions and look forward to seeing him execute in his new position,' said Mr. Bushey. Mr. Vinciquerra has been appointed Chairman of the Board, replacing Mr. Hong, effective immediately. Mr. Vinciquerra currently serves on the board of Madison Square Garden Sports, a role he has held since 2020. He previously served as a director of Qualcomm Incorporated from 2015 to 2025, Pandora Media, Inc. from 2016 to 2017, Univision Communications, Inc. from 2011 to 2017, Motorola, Inc. from 2007 to 2011, Motorola Mobility Holdings, Inc. from 2011 to 2012, and DirecTV from 2013 to 2015. Mr. Vinciquerra and Mr. Wyatt will join current board members Tom Bushey, Jennifer Vescio, Josh Gold and Ted Seides. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities. About Newbury Street II Acquisition Corp The Company is a special purpose acquisition company ('SPAC') whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The Company is sponsored by Newbury Street II Acquisition Sponsor LLC. The Company is led by Thomas Bushey, Chief Executive Officer. The Company's other directors include Jennifer Vescio, Josh Gold and Ted Seides. The Company's Chief Financial Officer is Jake Gudoian. Cautionary Note on Forward-Looking Statements This press release includes forward-looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based, except as required by law.
